Paying Mortgage with Credit Card

csswiift

Hi there,

I plan on overpaying my mortgage by the 10% limit per year. I have the money to pay this separately. I wanted to pay it on my credit card for points and then pay it off straight away.

Can anyone see any issues?

Mark_d

You likely have a cash advance fee or cash transaction fee of 2.5% - 4%.  Hardly worth it to get 1% back in points

grumpy_codger

csswiift said:

Can anyone see any issues?

Does your mortgage lender accept CC payments? If so, does your CC issuer not class such payments as cash advances?

No issues if you can answer YES to both questions.

surreysaver

1.  Your mortgage company is very unlikely to accept credit card payments.
2.  Your credit card company would likely treat such a transaction as a cash transaction, with the fee and interest charged as a result.

Unless your points are worth more than the amount you would be charged, then no problem at all.

Hoenir

Credit card won't be an acceptable form of payment.